Wells Fargo said on September 12, 2024 in a news release that Wells Fargo Bank, N.A. had entered into a formal agreement with the Office of the Comptroller of the Currency related to the bank's anti-money laundering and sanctions risk management practices.

1. 01

   Wells Fargo said on September 12, 2024 in a news release that Wells Fargo Bank, N.A. had entered into a formal agreement with the Office of the Comptroller of the Currency related to the bank's anti-money laundering and sanctions risk management practices.

2. 02

   The company said the agreement states that the Comptroller of the Currency identified deficiencies in the bank's anti-money laundering internal controls and financial crimes risk management practices, and violations related to customer due diligence, suspicious activity reporting and currency transaction reporting.

3. 03

   The company said the agreement requires the bank to submit an Action Plan for BSA and OFAC Sanctions compliance within 120 days of the effective date, and requires the board to maintain a Compliance Committee of at least 3 members that meets quarterly.

4. 04

   The company said the agreement requires the bank to submit a risk assessment program for new products, services and geographic markets within 60 days of the effective date, and bars it from expanding into activities with medium or high inherent risk until the OCC issues a written determination of no supervisory objection.

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Original filing

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